Charities: What has the pandemic taught us about risk management?

It has been said for some time now that we live in a ‘VUCA’ world. A world which is more Volatile, Uncertain, Complex and Ambiguous than ever before. This is no truer than now when we are dealing with the economic, societal, and financial impacts of the pandemic. All organisations are going through change in response to the challenges; re-assessing strategic priorities to ensure that the strategy remains relevant and achievable, and that the organisation is nimble and flexible enough to adapt, survive and thrive.

So, what has the pandemic taught us about risk management?

1. Known and unknowns
2. Systemic weaknesses in operations and systems
3. Linear/siloed approach 
4. Risk tolerance and risk appetite 
5. Opportunity in adversity
6. Monitoring and reviewing risks
7. Risk velocity